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How Much Does an Oregon Auto Dealer Bond Cost?
An Oregon auto dealer bond costs between $100 and $5,000. The state requires a surety bond of $50,000 for vehicle dealers. Dealers that sell motorcycles, mopeds, Class I all-terrain vehicles or snowmobiles need a $10,000 surety bond.
By purchasing your bond through an authorized Oregon surety company, you can pay a premium rather than the full bond amount. Your surety bond premium will be between 1% and 10% of the bond’s sum.
The premium rate that you qualify for is determined by your related professional experience as well as your credit rating and financial strength. We provide bonds to more than 99% of our applicants.
With a credit score of 700 or higher, the rate is 1% to 3%. A credit score of 600 to 699 qualifies for a rate of 3% to 5%. With a lower credit score, the rate will fall between 5% and 10%.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Oregon Auto Dealer Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
Oregon Auto Dealer Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
How to Get an Oregon Auto Dealer Bond
1. Apply for Your Auto Dealer Bond
With our streamlined bond process, we make it easy to set up your new Oregon auto dealer bond. Simply take a few minutes to fill out the online application to get started.
Eddy, a new client, anticipated a long process to buy a surety bond for his new dealership. However, it only took him a few minutes to apply online, and he received an instant quote. Paying the premium online was equally easy, and he soon received the bond via email.
2. Review Your Quote
We provide instant quotes to our customers after the surety bond application is submitted online. If your situation is more complex, we will review the application and give you a bond quote in 48 hours or less.
3. Pay the Premium Online
With our online payment system, you can quickly pay the bond premium and finalize your purchase. After receiving your premium payment, we will quickly prepare the bond and email it to you. We can also mail the bond upon request.
Our bond experts have been meeting Oregon’s bonding needs for more than a decade. If you have questions about the bond application or your quote, we can help. Please contact us or call us at (877) 514-5146.
Auto Dealer Bond Requirements in Oregon
Oregon Driver and Motor Vehicle Services is the authority for dealer licensing. Chapter 822 of the Oregon Vehicle Code establishes licensing rules. Those who buy, sell, exchange or trade vehicles are required to be licensed. The auto dealer license in Oregon is valid for three years.
To obtain and renew a vehicle dealer license in Oregon, you must have a $50,000 surety bond. Dealers selling motorcycles, mopeds, Class I all-terrain vehicles, snowmobiles or any combination of these vehicles must have a $10,000 surety bond. The obligee is the Oregon Department of Transportation.
The bond is a continuing obligation and remains in force until it is canceled. It must remain active at all times to avoid a license suspension. To avoid cancellation, the bond premium must be paid annually.
How to Renew & Maintain Your Motor Vehicle Bond in Oregon
An auto dealer bond in Oregon runs continuously, which means that it is active until it is canceled. At least 30 days prior to the cancellation date, Oregon Driver and Motor Vehicle Services must be notified in writing.
While the bond is active until it is canceled, the premium must be paid to avoid cancellation. The annual premium payment can be made online for your convenience. We will provide payment instructions prior to the next premium payment’s due date.
What Happens If Someone Files a Claim in Oregon?
A claimant must file a claim against your business directly with the surety company. Upon receiving the claim, the surety company will thoroughly investigate the matter. The claim will be denied if it is not substantiated during the investigation.
The claimant will receive compensation up to the full limit of the bond’s penal sum if the claim is validated. However, the maximum compensation for a claim made by someone other than a retail customer is $10,000.
After the claim is paid, the dealer is responsible for reimbursing the full amount to the surety company.
How to Get Your Auto Dealer License in Oregon
Our bond experts can provide you with more information about how to get an Oregon auto dealer license. Oregon Driver and Motor Vehicle Services is also a resource for information. To obtain a dealer license, you must submit:
- Application form
- Supplemental application, if applicable
- City or country location approval
- DMV dealer location exemption, if applicable
- Surety bond
- Liability insurance certificate
- Proof of dealer education course completion
- Government issued photo IDs for all corporate officers, owners, partners or LLC members
- Fees
Auto Dealer License Fees |
|
Original Certificate (includes one plate) |
$1,188 |
Additional Location |
$350 each |
Additional Plates |
$55 each |
For more information and to submit the required documentation, contact:
Oregon Driver and Motor Vehicle Services
1965 Lana Avenue NE
Salem, OR 97314
Phone: (503) 945-5052
It's FREE. No Obligations. Approval in Minutes.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!